Sheard also lodged his formal offer to acquire the 10 cent stake in the club owned by fans group Wednesdayite – whose members will now be balloted.

Lancashire-based businessman Sheard needs 30 per cent of the club's shares in order to enable his consortium to control affairs at Hillsborough.

Deals have already been agreed, in priniciple, with former chairman Dave Allen, director Geoff Hulley, and former director Keith Addy – who control a 30 per cent stake.

Sheard is expected to contact the takeover panel today to discuss the need for a statement to the Stock Exchange.

Owls manager Brian Laws completed his first signing of the summer when midfielder James O'Connor agreed a three-year deal from Burnley.

Scottish club Falkirk signed both Lee Bullen and Burton O'Brien, released by the Owls, and reserve goalkeeper Rob Burch joined Lincoln City. Striker Ben Sahar, on loan last season from Chelsea, has signed a six-month loan deal with Portsmouth.

Lincoln manager Peter Jackson has also signed defender Frank Sinclair following his release by Huddersfield Town.

Greek international winger
Stelios and French defender Bernard Mendy are on the brink of moves to Premier League newcomers Hull City.

Manager Phil Brown, who has already captured striker Craig Fagan from Derby, has worked with both Stelios and Mendy before at Bolton Wanderers.

Barnsley winger Martin Devaney is set to join Championship rivals Blackpool in a deal worth £150,000.

Manager Simon Davey is likely to off-load Devaney as part of a summer shake-up that has seen the arrival of striker Iain Hume, winger Mounir El Haimour and midfielder Hugo Roberto Colace.